Getting a job as an entrepreneur is a fantastic opportunity. You may be able to find work on your own without relying on others, indicating that you desire to be in charge of your career. The secret that makes you a successful business is this ambitious feeling. Even if you want to be an entrepreneur and establish a new business, there are some practical measures that must be followed in order for your firm to flourish in Ontario. When you create a new business or organisation, one of the first things you should do is to register it.
In general, part of the responsibilities may be starting a new company. While beginning your company in Ontario, you’ll need to fill in the following forms. However, establishing your company has become a reasonably straightforward and cost-effective procedure. You can acquire this digitally, as a single individual, and via post.
You should require to know some procedures when you want to register a company in Ontario.
The importance of registering a new company
Running a company in Ontario necessitates the acquisition of a company incorporation, including a limitation. You do not require to register your company when you run it as a sole proprietorship by your individual identity. But registration is necessary in any other case.
When you already get a licensed company, you will be required to re-register when the company’s name is expired.
You will have to pay a penalty while not getting the registration. Sometimes when you fail to apply for registration and get a license through incorrect data, you will face penalties.
The charge for registration:
The charge of registering your company may differ according to the way of approaching it, like digitally or in person.
Charge of a company name exploration:
In comparison to that payment of registering your company, you may require some amount of money to spend for searching the name of the company. Prior to registering your company, check to know whether or not there is also a company using a similar name. The price of searching Ontario’s Advanced Company Registration Check database varies according to the browsing output.
Ontario's ultimate company license as well as company filing:
An “Ontario Business Registration” may be the original version for a startup firm that has been incorporated in Ontario. Due to the overall record code, you’ll require that you fill in, this is sometimes known as a “Form 1” or a Master Business License (MBL).
You may obtain a Master Business License (MBL) while incorporating the name of a company which contains your Business Identification Number (BIN). The BML serves as documentation for the legitimate registering of a name. When interacting with the Ontario administration and banking industry, you may use it.
The in charge for registration of the company are the Government Ministry, Central production of consumer service and verification services branch.
Procedure to register a company in Ontario
The name is the most important thing for your business. You have to first select your company name before registering your business. You have to verify whether any other company has your selected company name. In order to avoid legal problems, you have to choose a unique name. You may use Ontario’s enhanced business name search to check whether or not anyone has a similar name like your company name. You can get the report from detailed business names when anyone has a similar name like your company, or you may get the report of no match found if no one has that same name.
Limitation in choosing the name:
There are so many limitations while selecting the business name as you do not use indecent names, any name that has a connection with the government, another person’s name etc.
In Ontario, you can run a variety of businesses. You’ll notice that there is a variety of organizational forms available for registering a company in Ontario. Company type is an essential part while registering the business. So you have to register the name with its entity type like sole proprietorship, general partnership, limited partnership, incorporating the business are all part of registration processes.
In order to avoid others using your company’s name, you should register your trademark or incorporate your business. Ontario does not give permission for two different companies to use the same name.
It is highly recommended that people obtain proper professional guidance prior to continuing with any sort of business registration.
You have to give the following details:
After the selection of your business or company name and its entity type, you further proceed to apply for the registration of your business with the government. At that point, you should submit the following details like business name, its address, headquarters, owner name and address, business type, authorized person for registration, activity of the business.
The safety of the working location and the insurance board are important. It should be ready within ten days of employing the labors. When your annual payroll is more than $450,000, you have to arrange for the employer health tax number. You need to answer for all the above- mentioned details while the processing of registration.
Digital registration of business:
Online process is always an easy and simple process for registration of your business. You have to pay using the Visa or MasterCard credit card. An email address is also essential for registration.
When you register digitally, you have to utilize the service like “Integrated Business Services Application”. There is no time limit for registering electronically. Despite the fact that there is no time limit, if you complete it between 8:30 a.m. and 5 p.m., you will receive a temporary downloadable Master Business License that users may also utilise immediately.
When you submit an email address, you will obtain your MBL within two days. When you do not specify an email address, your package will be delivered by mail within 10 business days.
Using the postal service to register your business:
Fill out Form 1 to register through mailing. Fill out the form and send it along with a $80 cheque or money order payable to “Minister of Finance.” Please send your completed documents and money to the registered address:
Ministry of Government and Consumer Services Central Production and Verification Services Branch 393 University Avenue, Suite 200
Toronto, ON M5G 2M2
This may need 6 – 8 weeks to get your MBL.
Getting your company registered in person:
On regular business days, from 8:30 a.m. to 5 p.m., you may also enrol as well as lookup for business names in person at the following address:
Central Production and Verification Services Branch Ministry of Government and Consumer Services Second floor, 375 University Avenue
Toronto, ON M5G 2M2
You can pay with a check or money order, cash, or a Visa or MasterCard in person. The service is available right away, and your Master Business License will be delivered in 20 days.
You should need to do the renewal process for your business registration once in five years.
Individual cost for everything:
- The total cost of all registration fees is $60 when you register digitally, and $80 when you register in person or by mail.
- According to the search report, the cost of searching Ontario’s Enhanced Company Name Search business registry varies from $8 to $26.
- For $8, you’ll get a “Detailed-Business- Name-Report” that can be certified for $16.
- You’ll get a $8 Statement of No Match Found report, which you can turn into a $26 Certificate of Non-Registration.
Whenever you want to register your company in Ontario, you have to follow the above- mentioned steps.